Kaduna kicks off CPS with payment to retirees

Kaduna State has implemented the Contributory Pension Scheme (CPS) with the commencement of payment of retirement benefits retirees, Director-General, National Pension Commission (PenCom), Mrs. Chinelo Anohu-Amazu, has said.

She congratulated the retirees on their meritorious service to state. She said the implementation of the CPS was a milestone acheived through diligence of Governor Mallam Nasir Ahmad El-Rufai.

According to her, the main essence of the Pension Reform of 2004 was to ensure that retirement benefits are paid as at when due and in a sustainable manner.

She expressed joy that the retirees would clearly experience its positive impact, adding that the current economic challenges provides an opportunity to implement strategies for effective financial management by the states. She added that the huge liabilities which usually build up in the old Defined Benefits Scheme can be mitigated by the adoption and implementation of the CPS by states.

She said the CPS provides a mechanism for eliminating these liabilities while the regular contributions into the scheme are undoubtedly less burdensome.

Executive Secretary, Kaduna State Pension Bureau, Dan Ndackson who also spoke at the event said the CPS law was imade in 2007 in the state, but the contributions commenced in March 2008.

He noted that implementation was not in total conformity with the provisions of the law before now.

Ndackson said presently, in order to deliver on its mandate, the Bureau successfully completed the administrative procedures that resulted in the merger of the defunct Bureau of Pension in 2016.

He noted that while building on the successes of the pensioners’ verification exercise that took place in the state in 2015, the Bureau has vigorously embarked on pensioners’ payroll cleansing in the state.

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